Hoshizaki Corp

6465: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Hoshizaki Earnings: Stable Margin Guidance Highlights Wide Moat Despite Midterm Pressure

Kangyuxiao Li

Feb 19, 2026

Hoshizaki posted a record JPY 485 billion in sales in 2025, up 9% year on year, as overseas sales rose nearly 14% and accounted for 53% of the total. For 2026, Hoshizaki expects 7% sales growth with margin steady with 2025 at 10.7% but slightly lower than 2024's 11.5%.

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Hoshizaki Corp

Hoshizaki Earnings: Stable Margin Guidance Highlights Wide Moat Despite Midterm Pressure

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